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Golub Capital BDC's NAV, Valuation, And Dividend Versus 11 BDC Peers - Part 1 (Includes Recommendations As Of 5/30/2025)
Seeking Alpha· 2025-06-04 19:29
Core Viewpoint - The article analyzes Golub Capital BDC Inc.'s (NASDAQ:GBDC) recent performance metrics and compares them with 11 business development company (BDC) peers, highlighting GBDC's strengths and weaknesses in terms of net asset value (NAV), economic return, and investment portfolio composition [1][2][25]. Summary by Relevant Sections NAV and Economic Return Analysis - GBDC's NAV per share decreased from $15.13 at the end of Q4 2024 to $15.04 at the end of Q1 2025, reflecting a quarterly decrease of 0.59% [11]. - The economic return for GBDC in Q1 2025 was 1.98%, with a trailing 12-month economic return of 11.77%, which is above the average of its peers [11][25]. - As of May 30, 2025, GBDC's stock price was $15.21, trading at a premium of 1.74% to its estimated NAV of $14.95 [24]. Investment Portfolio Composition - As of March 31, 2025, GBDC's investment portfolio consisted of 92% in senior secured first-lien loans, with less than 1% in subordinated debt and 7% in equity/warrants [15][17]. - GBDC's fair market value (FMV) versus cost ratio was 0.9941, slightly below the peer average of 1.0106, indicating a minor negative trend [17]. - The company had a low non-accrual percentage of 1.2% based on amortized cost, which is below the peer average of 3.5%, suggesting better credit quality [18]. Performance Metrics Comparison - GBDC's cumulative realized loss per share was ($0.44), which is more favorable compared to the peer average loss of ($0.82), indicating stronger long-term performance [19]. - The adjusted net investment income (NII) for GBDC was $0.388 per share in Q1 2025, with a price-to-annualized NII ratio of 9.80x, slightly below the peer average of 10.01x [21][24]. - During Q1 2025, 6.88% of GBDC's total investment income was attributed to capitalized PIK/deferred interest income, aligning with the peer average of 6.87% [22]. Management and Fee Structure - GBDC recently reduced management fees from 1.375% to 1.00%, the lowest among its externally managed peers, which is expected to benefit shareholders [27]. - The cap on income incentive fees was lowered from 20% to 15%, further enhancing the company's attractiveness to investors [27]. Overall Valuation and Recommendations - GBDC is currently deemed appropriately valued, with a price target of approximately $16.05 per share, indicating a HOLD recommendation [34]. - The company is positioned to weather potential economic downturns better than many peers, supported by its low exposure to high-risk sectors like oil and gas [31][20].
搭配地铁8号线,福州拟拍卖市中心两幅“压箱底”地块!哪家房企会补仓?
Sou Hu Cai Jing· 2025-06-04 16:44
海西房产网(微信公众号:fjhxfcw)消息:为稳定市场预期,促进房地产市场平稳健康发展,6月3日,福 州市自然资源和规划局公布2025年第三批拟出让住宅用地清单。 供地清单显示,2025年第三批拟出让住宅用地10幅,总面积23.5108公顷(352.66亩)。其中,鼓楼区1幅, 台江区2幅,晋安区5幅,仓山区2幅。 10幅地块当中,就包含 备受关注的宁化新村及周边出让地块一、地块二,总面积5.067公顷,折合76.005 亩。 地块紧邻红星美凯龙、宝龙广场等成熟商圈,商业氛围浓厚。地块东侧毗邻白马河公园,南侧靠近闽江公 园,生态环境良好。周边分布宁化小学、华侨中学等优质教育配套。 通过福州市自然资源和规划局发布的福州宗地2025-10号、福州宗地2025-16号航拍示意图可以看到, 规划 的福州地铁8号线将在福州宗地2025-16号沿"浦西路"一侧建设"义洲站"。 两幅地块详细信息如下: 福州宗地2025-10号:面积30.57亩 福州宗地2025-10号地块二位于台江区宁化支路北侧,宁化新村及周边出让地块二。用地面积:2.038公顷 (30.57亩),容积率:1.0以上、3.83以下(含3.83); 土地 ...
Premium Announces Results of Annual General and Special Shareholders' Meeting Officer
Newsfile· 2025-06-04 13:21
Core Points - Premium Resources Ltd. held its Annual General and Special Meeting on June 3, 2025, where all proposed resolutions were approved by shareholders [1][2] - The board of directors was re-elected, including Paul Martin as Chairman, and MNP LLP was re-appointed as auditors for the upcoming year [2] - Shareholders approved several key resolutions, including the continuance of the Company from Ontario to British Columbia, a name change, a share consolidation of up to 20:1, and the adoption of a new omnibus equity incentive plan [2] Company Leadership - Following the Meeting, Lindsey Le Ho was appointed as Corporate Secretary, succeeding Timothy Moran [3] - The senior leadership team now includes Morgan Lekstrom (CEO), Peter Rawlins (CFO), Brett MacKay (VP, Finance), Lindsey Le Ho (Corporate Secretary), and Sharon Taylor (VP, Exploration) [4] Company Overview - Premium Resources Ltd. is focused on the redevelopment of previously producing copper, nickel, and cobalt mines in Botswana [5] - The Company emphasizes governance through transparency and accountability, with a team that has extensive experience in resource discoveries and mine development [6]
广州端午楼市:中心区热盘成交“亿亿声”,热度持续
Sou Hu Cai Jing· 2025-06-04 05:26
Core Viewpoint - The Dragon Boat Festival housing market has shown strong performance this year, with new projects attracting significant buyer interest and sales activity continuing from May into the holiday period [1][2]. Group 1: Sales Performance - During the three-day holiday, sales reached approximately 4.3 billion yuan at the high-end project Poly Tianyao in Tianhe District, with six units sold for over 10 million yuan each within five hours [2]. - The new phase of Kai Xuan Xin Shi in Zhujiang New Town launched large residential units, achieving nearly half a billion yuan in sales on the first day [4]. - The Green City Fu Xiang Yuan in Haizhu District reported sales of 5 billion yuan during the holiday, while Poly Tianyi in Pazhou recorded 2 billion yuan on the first day [6]. Group 2: Market Trends - Many projects that were launched in May continued to see strong sales during the Dragon Boat Festival, indicating a sustained positive market sentiment [8]. - New projects like Yuexiu Yun Cui in Baiyun District attracted over a thousand visitors, although potential buyers expressed concerns about final purchase prices [10]. - There remains a noticeable disparity in sales performance among different projects, with some struggling to sell despite being in prime locations, highlighting the importance of pricing and market positioning [10].
A股指数集体高开:创业板指涨0.33%,光通信等板块走强
Feng Huang Wang Cai Jing· 2025-06-04 01:37
美股三大指数集体收涨,纳指领涨主要股指,年内走势转为上涨,为2月以来的首次。截至收盘,道琼 斯指数涨0.51%,报42,519.6 4点;标普500指数涨0.58%,报5,970.37点;纳斯达克指数涨0.81%,报 19,398.96点。 凤凰网财经讯 A股三大股指集体高开,沪指涨0.04%,深成指涨0.14%,创业板指涨0.33%。光通信、可 控核聚变、超导、电商、消费电子、新能源车概念股走强;数字货币、跨境支付、EDA、低空经济、 创新药题材回调。 | | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 涨幅% | | 涨跌 | | 息手 | 现丰 金额 | | 上证指数 | 3363.39 | 0.04 | 1.41 | 1033/761 | -0.01 | 326万 | 326万 34.89 乙 | | 深证成指 | 10070.85 | 0.14 | 13.68 | 1370/1015 | 0.02 | 7077 | 707万 67.58亿 | | 北证50 | 1421. ...
FORTREA ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Fortrea Holdings Inc. and Encourages Investors to Contact the Firm
GlobeNewswire News Room· 2025-06-04 01:00
Core Viewpoint - A class action lawsuit has been filed against Fortrea Holdings Inc. for allegedly misleading investors regarding its financial performance and business prospects following its spin-off from Labcorp Holdings Inc. [1][5] Group 1: Company Background - Fortrea Holdings Inc. was spun off from Labcorp Holdings Inc. in June 2023, becoming a standalone publicly traded company [3] - Following the spin-off, Fortrea entered into transition services agreements with Labcorp for various support services [3] Group 2: Financial Performance - On March 3, 2025, Fortrea announced that its revenue and adjusted EBITDA expectations for 2025 were not aligned with prior forecasts, leading to a significant stock price drop of $3.47 per share, or 25.05%, closing at $10.38 [4] - The company indicated that its Pre-Spin projects were underperforming and that post-spin work was not progressing quickly enough to compensate for the older projects' economic impact [4] Group 3: Allegations in the Lawsuit - The lawsuit claims that Fortrea overestimated revenue contributions from Pre-Spin projects and overstated potential cost savings from exiting transition services agreements [5] - It is alleged that the company's previously announced EBITDA targets for 2025 were inflated, misrepresenting the viability of its post-spin business model and financial prospects [5]
中心片区新盘人气旺 热销楼盘热度延续
Sou Hu Cai Jing· 2025-06-04 00:50
端午假期,热门项目看房者人数众多 文/图 羊城晚报记者 陈玉霞 端午假期,广州楼市表现好过平时周末行情。羊城晚报记者走访了解到,于5月内全新发售的楼盘,热 度延续到了端午假期,部分楼盘人气和成交都比较旺;端午档期内才亮相的全新项目,现场也人气十 足。业内人士表示,整体素质较高、配套带有确定性的好房子,能吸引更多购房者坚定入市。 广州天河区刚需和高端项目成交活跃 虽然中心片区内不少项目都比较热闹,但记者走访发现,即使是在中心片区,楼盘冷热分化的现象仍然 比较明显——热门楼盘依旧"热",前期因产品定位、营销策略等导致成交缓慢的项目,成交依然乏力。 天河区的珠江·天河都荟于4月底首次开盘,彼时首批能推售的产品就基本售完,端午假期的到访者,除 了可选购少量余货,更多的则是来了解新一期组团相关信息。"首次开盘没买到的,或者是因口碑传播 而知道这个项目的,现在都会到访咨询,"项目人士告诉羊城晚报记者。 海珠区近期也是一手住宅供应大区,海珠客运站、琶洲、海珠湿地等板块都有新品持续推售。面积段相 近,或者是地理位置比较靠近的产品,都会面临较大竞争,若是定价没贴近市场,去化难度就更大。例 如,2月开盘的中建天钰,预售总套数为1 ...
昆明新房销量又掉下来了,6月很关键
Sou Hu Cai Jing· 2025-06-03 16:20
5月份过去了,昆明主城新房销量又回到了去年9月以前的疲软水平,根据克而瑞、铭腾等机构的统计,过去几周主城新房(住宅)的 销售面积基本维持在5万-6万平米,月销售面积顶多和4月差不多,也就20几万平米的销量。 5月最后一周昆明主城新房成交数据(图表:克而瑞) 其实4月的新房销量也不高,主城5区只卖了2093套住宅,成交面积26.47万平米,两项数据比3月都有20%以上的降幅,只不过同比仍 高于去年。 一个月20来万平米的成交面积,基本是去年9月以前的平均水平。从去年10月开始,在一系列强力政策的刺激下,昆明新房成交面积 明显放量,去年最后一个季度的月均销售面积差不多有40万平米,比前三个季度的月均销售面积多了10万平米以上。 到了今年一季度,昆明主城新房销售也呈现复苏势头,三个月成交81.4万平米,比去年一季度增长37%,增幅非常大。但到了4月,市 场回暖势头就有所减弱,销售面积仅比去年4月多了3万平米,增幅也降低到了12.8%。 虽然5月份的成交面积还没有公布,但根据过去几周的数字看,不见得会高于去年5月,或者仅略有增长。 这并不是个好的信号。 因为5月一向是传统销售旺季,今年新项目又比较多,两个第四代住宅项 ...
36.33亩吸金7983万!肥西连续2天狂拍3宗商业地,泛经开区地块溢价17.5%
Sou Hu Cai Jing· 2025-06-03 15:45
Group 1 - The land market in Feixi County has been active this year, with two land auctions held on May 29 and 30, resulting in the sale of three commercial plots totaling 36.33 acres for a total amount of 79.83 million yuan [3][4][6] - As of the end of May, Feixi County has completed nine transactions of operational land this year, with a total area of 185.38 acres and a total transaction amount of 660 million yuan [3][4] - The commercial plots sold are strategically located near major urban roads and planned subway stations, enhancing future transportation convenience and commercial infrastructure [6][8] Group 2 - Feixi County has shown significant population growth, with a resident population exceeding 1.015 million by the end of 2024, marking an increase of 10,000 from the previous year, and maintaining a positive growth trend over the past decade [9][10] - The county's urbanization rate stands at 70.93%, higher than that of 13 other prefecture-level cities in the province, indicating a strong trend towards urban development [10][12] - The continuous influx of population and the development of high-end industries have driven demand for improved living quality and high-end commercial spaces, with new housing transactions in Feixi ranking third among the nine districts and three counties of Hefei [12][14] Group 3 - Feixi County is emerging as a model for high-quality county-level economic development, with a net population increase of 232,000 over the past decade and a thriving industrial cluster valued at over 100 billion yuan [14] - The active land market reflects the county's transition from an "industrial strong county" to a "benchmark for integrated urban and industrial development," driven by the synergy of population growth, industrial development, and urbanization [14] - The county's real estate market is being reshaped by a younger, higher-income demographic, with a stable new housing transaction volume and a focus on improved housing demands [12][14]
ARGAN has started the works of a new Aut0nom® for NORTENE HOME DEPOT
Globenewswire· 2025-06-03 15:45
Press release – Neuilly-sur-Seine, Tuesday, June 3, 2025 - 5.45 pm ARGAN has started the works of a new Aut0nom® for NORTENE HOME DEPOT Just a few weeks after the signing of a new lease in future state of completion, earthworks machninery is already in action in the business area (French ZAC) of Louailles “Ouest Park” (72). The future platform with a size of 18,000 sq.m will welcome, at the end of the year, the teams of NORTENE HOME DEPOT, a company specializing in gardening and outdoor spaces equipment. ...